Larry Jay Horsey, $1.9 Million Investment Fraud, Virginia 2016

Fraudster Sentenced to 90 Months in Prison

Larry Jay Horsey, 41, of Chesterfield, was sentenced to 90 months in prison for his role in a $1.9 million investment fraud scheme that targeted nine individuals in Virginia and North Carolina.

According to court documents, Horsey, a licensed insurance agent, founded and operated ‘Heroes Academy’, a business that marketed itself as a non-profit financial education school and a financial management company. He represented himself as a financial advisor, conducting financial planning seminars in Virginia and North Carolina.

Between October 2012 and May 2016, Horsey convinced nine individuals to open what they believed would be investment or savings vehicles, such as an annuity or a Roth IRA, through his Heroes Academy business. However, instead of using those individuals’ savings as promised, Horsey spent the funds on various personal or business expenses.

In total, Horsey defrauded the nine investors of a combined $1.9 million, and pleaded guilty to charges of mail fraud and engaging in monetary transactions derived from specified unlawful activities.

As part of his sentence, Horsey was also ordered to pay $1,767,065.76 in restitution to his victims and to forfeit $1,922,427.47 as proceeds of his offense.

The case was investigated by the Fraud Task Force, including the FBI’s Richmond Field Office, IRS-CI, and USPIS, with assistance from the Virginia State Corporation Commission.

Horsey’s sentencing came after he pleaded guilty on December 14, 2016.

The U.S. Attorney’s Office for the Eastern District of Virginia and the FBI’s Richmond Field Office announced the sentencing.

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